The Waldorf Astoria New York may be put up for sale just months after completing a multibillion-dollar, eight-year renovation, according to media reports from The Wall Street Journal and Reuters.
The Park Avenue hotel was purchased in 2014 for $1.95 billion by China-based Anbang Insurance Group and subsequently underwent an extensive restoration and redevelopment that converted the property into 375 hotel rooms and 372 residential units. The renovation is reported to have cost more than $4 billion in total.
The property is expected to be marketed by Eastdil Secured. Reports indicate the owners may not fully recoup their investment and potential buyers could include sovereign wealth funds or other large institutional investors. Hilton Worldwide continues to manage the hotel under a long-term agreement but does not hold an ownership stake.
The hotel is currently owned by Dajia Insurance Group, which assumed control of the asset following the rest
